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Why Fuwei Films is Down 30 Percent Tuesday (FFHL)

Shares of Fuwei Films (NASDAQ: FFHL) are down 30 percent Tuesday after the company said in a press release that the first public auction by the company’s controlling shareholder did not result in a successful bid.

Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee is seeking to auction controlling interest in the Fuwei Films. The auction was held today but ended with an accepted bid.

On August 14, we reported that the stock was up 170 percent after it received notice of the impending auction. (Read that story here.)

Company Profile:

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. (“Fuwei Shandong”). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films’ BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.

[stock-tools exchange="NASDAQ" symbol="FFHL" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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